COMMITMENTS AND CONTINGENCIES:

12 Months Ended

Apr. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

(18) COMMITMENTS AND CONTINGENCIES:

Non-cancelable leases

The Company is obligated under long-term, non-cancelable leases for equipment and various real estate properties. Certain real estate leases provide that the Company will pay for taxes, maintenance and insurance costs and include renewal options. Rental expense for 2015 and 2014 was approximately $314,000 and $123,000. The total minimum rental commitments of $912,000 for fiscal years subsequent to April 30, 2015 are due as follows: 2016 - $858,000; 2017 - $53,000; 2018 - $1,000; and none thereafter.

AMREP Southwest

In connection with certain individual home site sales made prior to 1977 at Rio Rancho, New Mexico, if water, electric and telephone utilities have not reached the lot site when a purchaser is ready to build a home, AMREP Southwest is obligated to exchange a lot in an area then serviced by such utilities for the lot of the purchaser, without cost to the purchaser. AMREP Southwest has not incurred significant costs related to the exchange of lots.

At April 30, 2015, AMREP Southwest has posted bonds to support its future development commitments in Rio Rancho of approximately $1,945,000.